The Fenix project covers 29 blocks of mineral claims with an area of 80 km², located in the Atacama desert to the south of the major Chilean mining centre Copiapó, in the territory between the volcanic Paleocene caldera system called Cerro Blanco and Lomas Bayas, both important and old copper-silver districts.

The Fenix tenements are at a height of between 1,800 and 2,300 metres above sea level and lie about 40km south of the world class Candelaria mine, controlled by Phelps Dodge Inc. The mine produces around 250,000 tonnes of copper metal per year.

More than 40 copper-silver and barite mineralised outcropping features are present, controlled by a structural pattern determined by a north-north east trending anticline, the envelope of which consists of a central band of volcanic rocks from the Cretaceous-Paleocene periods that separate both limbs.

The copper-silver projects surrounding the Fenix area are from hydrothermal origins of low-medium temperature, epithermal type, and are hosted in a similar geological setting. The mineralogical association consists of chalcocite-bornite-argentitecopper oxides, with minor content of bornite-chalcopyrite-pyrite, devoid of magnetite with associated waste of quartz-barite-calcite. Copper, lead and zinc minerals associated with native silver, bismuth, molybdenum, tetrahydrite and gold, argentiferous tennantite, halide silver, antimonites and cinnabar are common. There is potential for economic mineralisation at depth particularly copper mineralisation, similar to the nearby Jardin and Amolanas mines (each having around 12 million tonnes at 1.7% copper in ore reserves).

Rey plans to carry out a larger phased program of exploration over the area with the objective of finding medium-to-large sized copper-silver deposits.

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